Oil demand to slow for the 2nd year in a row: IEAApril 13, 2017 - 16:55 AMT PanARMENIAN.Net - Demand for oil is expected to slow for the second year in a row, the International Energy Agency has said, according to BBC News. The forecast comes after years of excess supply, which last year prompted major oil producers to agree to cuts in output. The IEA said the oil market was now "very close to balance." But the organisation predicted supply would grow in coming months, with US oil-producing firms driving the increase. The IEA said it expected non-Opec production, of which the US and Russia account for the biggest chunk, to rise by 485,000 barrels a day in 2017 to a total of 58.1 million barrels a day. US production had already climbed to 9 million barrels a day in March, up from a September low of 8.6 million barrels per day. The IEA said it expects demand to increase by just 1.3 million barrels a day in 2017, rising to a total of about 97.9 million barrels a day. That is less than the organisation had anticipated previously and could prove an "optimistic" forecast, it said. Photo: Getty Images Related links: Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |